According to Morgan Creek Capital Management CEO and CIO Mark Yusko, the price of bitcoin could reach and exceed $100000 by 2021, and reach $500,000 in 10 years.
He said so during an interview in which he said:
“Between now and 2021, we’re likely to see $100,000 bitcoin,” he said. “By 2025, we’re likely to see $250,000 bitcoin, and then sometime out 2030 we could see $400,000 or $500,000 bitcoin as it reaches gold equivalence”.
The comparison with gold is not accidental, since, according to Yusko, bitcoin is destined to compete with gold in the financial markets.
Yusko, who as Chief Investment Officer at Morgan Creek oversees $1.5 billion in investments, is convinced that bitcoin is the future and will eventually revolutionise the world of finance.
He was actually extremely sceptical at first, but after learning more about bitcoin, its growth and potential, he changed his mind. During the interview he also said:
“The key to bitcoin is the network. It grows in proportion to the inverse of the sum of the squares of the number of participants. That’s Metcalfe’s Law.
All of the fundamentals of the value of the network are rising — and they’re rising exponentially. And so you’re getting this parabolic growth curve”.
In this regard, Yusko points out that the number of wallets owning bitcoin has increased every year since it was born 11 years ago, as has the average number of daily transactions and block size, and that the annual minimum prices have been higher than in previous years 10 times out of 11.
He then also added:
“The government and the elites want to have all the wealth, so they manufacture inflation and the wealth flows to top. And that’s why we have the greatest wealth inequality in the history of mankind.
Bitcoin helps solve that because now we can opt-out as an owner of assets from that fiat system”.
That’s why Yusko considers bitcoin better than gold.